Research Article
The Relationship between Corporate Social Responsibility and Firm Value of Chinese Firms: Exploring from Degree of Internationalization
Table 6
Robustness check: Ohlson model.
| | (1) | (2) | (3) |
| EPS | 2.437 | 3.185 | 3.187 | [0.517] | [0.624] | [0.619] | BPS | 0.674 | 0.593 | 0.618 | [0.186] | [0.188] | [0.189] | Board size | −0.148 | −0.106 | −0.0879 | [0.186] | [0.194] | [0.194] | Firm size | −3.733 | −3.407 | −3.590 | [1.640] | [1.623] | [1.626] | Leverage | 12.01 | 11.13 | 10.83 | [2.355] | [2.423] | [2.438] | R&D | 0.224 | 0.0723 | 0.0836 | [0.231] | [0.231] | [0.230] | Subsidiaries | 0.049 | 0.046 | 0.043 | [0.011] | [0.011] | [0.011] | DOI | −5.350 | −5.022 | −4.955 | [2.303] | [2.247] | [2.323] | CSR | | −0.0358 | −0.158 | | [0.009] | [0.038] | CSR2 | | | 0.00142 | | | [0.000] | Constant | 8.845 | 10.30 | 12.34 | [2.661] | [2.876] | [2.902] | N | 2000 | 1947 | 1947 | Adj. R2 | 0.096 | 0.114 | 0.119 | Year | Yes | Yes | Yes | Firms | Yes | Yes | Yes |
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Standard errors in brackets; , , . |